Richfield Hospitality to Renovate and Reposition Hotels
- Oct 12, 2011
Richfield Hospitality, a Denver-based hospitality management company focusing on maximizing profit and improving asset values for hotel owners, has added four properties to its portfolio: Crowne Plaza Melbourne Oceanfront Resort in Florida, DoubleTree by Hilton Hotel Dallas-DFW Airport North in Irving, Texas, Four Points by Sheraton Philadelphia Northeast, and Crowne Plaza Pittsburgh Airport Hotel in Coraopolis.
According to the CityBizList, the four hotels will undergo renovation and repositioning for a total amount of $12 million investment.
The Crowne Plaza Melbourne Oceanfront Resort and Spa is a 270-room hotel that will be completely renovated; DoubleTree by Hilton is a 282-room hotel that was recently reconditioned and rebranded by Hilton, while the Four Points hotel features 190 rooms. The 193-room Crowne Plaza Pittsburgh Airport Hotel will also be completely reconditioned and will be rebranded as a Sheraton hotel.
“We expect to accelerate our growth in the coming months, both on the Richfield and Sceptre sides of our business,” said Greg Mount, president of Richfield Hospitality.
Mount added that there are various start-ups that have been struggling during the financial crisis. According to him, these companies are in dire need of consolidating with a larger company that has the systems and economies of scale in place.
Richfield Hospitality is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization of over $6 billion.
In regional news, PwC will expand their U.S. Steel Tower office in the CBD building by adding 12,000 square feet, reports CityBizList. The 64-story CBD is Pittsburgh’s highest building, encompassing about 2.3 million square feet of class A office space.
PwC has received a $431,250 funding offer from the Department of Community and Economic Development. The funding consists of a $125,000 opportunity grant, $56,250 in job-training assistance, and $250,000 in job-creation tax credits.